Four people in Queensland, Australia, have been charged in connection with a large-scale money laundering operation that allegedly turned over $123 million in illegal funds into cryptocurrency.
The arrests followed a year-and-a-half-long investigation led by the Australian Federal Police, working with state and tax authorities, according to a June 9 statement by the Australian Taxation Office.
On June 5 and 6, officers searched 14 properties in Brisbane and the Gold Coast. The raids uncovered cryptocurrency worth about $110,000, around $30,000 in cash, various encrypted devices, company records, vehicles, properties, and several bank accounts.
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The operation used a Gold Coast-based security company that offered armored cash transport. Authorities believe the business helped move criminal money, including proceeds from drug sales, through fake companies, luxury car sales, and cryptocurrency platforms.
A senior officer stated that the group deliberately tried to cover up the true source and value of the funds, while also distancing themselves from the transactions to avoid being linked to any criminal activity.
One of the suspects, a 32-year-old man from Brisbane’s Heathwood suburb, is accused of laundering over $6 million in just over a year. Police said he used a business registered under his wife’s name to receive payments from the security company. He has been denied bail and is scheduled to appear in court.
Another man, aged 58 and living in the West End, is linked to a vintage car business suspected of helping to launder about $4.1 million. He faces multiple charges related to money laundering.
Two other suspects from Maudsland, the director and general manager of the security company, have also been charged. They are accused of helping to process more than $6.4 million and have been released on bail while the case continues.
Meanwhile, a 24-year-old man, Badiss Mohamed Amide Bajjou, was arrested in Morocco on June 4. What happened? Read the full story.
